Answers to Inherited Real Estate FAQs

When a loved one dies, everyone goes through the same five stages of grief. However, not everyone goes through these stages at the same speed, since recovery may take a couple of weeks or it may take a couple of decades. At the same time, a death in the family also creates financial concerns, as heirs must either come up with a way to pay unexpected debts or divide an unexpected financial inheritance.

Inherited property is one of the few areas where both the emotional and financial aspects of loss come fully into play, which is why we compiled a free e-book that’s available with just the click of a mouse. Download the free ebook now. Below are some of the highlights of the 37-page resource.

Inherited Property Options
Even though every situation is different in terms of the financial and emotional pressures, these pressures are always there, to one extent or another. Therefore, there are six proven ways to transfer title to a deceased family member’s home that address any existing financial or emotional issues.

For example, it’s possible to convert a house to a revenue stream that’s almost entirely tax-free. Furthermore, if money is an issue, a Realtor who specializes in inherited property can deliver maximum value with almost no effort on the seller’s behalf. Or, for those who want to dispose of this property and move on with their lives, closing for cash can occur in as little as two or three weeks.

Estate Planning
A solid will and trust can head off many of these financial and emotional issues, but many people simply don’t know where to start.

In addition to examining the pros and cons of some overall approaches, we’ve taken various Massachusetts and New Hampshire laws into account, helping families develop a clear plan of action prior to their meetings with estate planning attorneys.

Foreclosure Issues
On top of a loved one’s loss, many unexpected homeowners must also deal with delinquent mortgage payments. Making matters worse, many heirs had no notice of these issues and only learn about them when they see a notice from the bank.

Tax foreclosures are also common in these instances, and although many taxing authorities will not pursue adverse action against elderly homeowners, they do not hesitate to assert their rights against inherited property owners.

If catching up on payments is not an option–and there are several avenues that accomplish this objective–it may still be possible to walk away from the property without any negative fallout.